Sorry, I do not know the answer; I saw this problem posted several times and could not see the solution posted. Let me use your post to investigate.
If you have Excel manually opened, then could you verify this:

oExcel = GETobject(,"Excel.application")
=oExcel.workbooks.Add()
?oExcel.workbooks.count





>Yes I can manually open Word and Excel.
>
>***********************************
>Can you open Excel manually there?
>
>>Hi all,
>>
>>I am having trouble running this code on a Windows 2003 Server. When I try to run the code I get a Program Error Dialog Box:
>>Ole error code 0X80070005: Access is denied. Any help is greatly appreciated.
>>
>
>

>>	Local oExcel As 'Excel.application'
>>	oExcel = Createobject("Excel.application")
>>	oWorkbook=oExcel.workbooks.Add()
>>
>